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Considering moving? Be very
aware of the fact that relocating may impact
significantly on your levels of household,
homeowners and car insurance. Here are some
tips to consider that will help you maintain
the best levels of insurance cover.
Homeowners insurance is critical
If you have a mortgage, your lender probably
required you to obtain some level of
homeowners insurance coverage. However,
you'll want to make sure that the amount of
coverage that you have will adequately
protect you for all possible losses.
Homeowner insurance policies set
coverage limits for specific items (e.g.,
jewellery), so you may want to look into
purchasing a separate endorsement or a
floater if you feel that you need to
increase your coverage. You also need to
know if you have "replacement cost" coverage
on your personal property and if you are
covered for earthquake damage.
Flood insurance is optional – or is it?
Homeowners insurance does not usually
provide flood damage insurance cover.
Yet if you live below a large dam, lake, or
even near a large river, you should probably
consider taking out flood insurance cover.
Many South African insurance companies
that sell household insurance also sell
flood coverage, so try contacting a few
insurance company such as
Dial Direct
Insurance,
First for
Women Insurance or
Budget
Insurance Brokers for an online
insurance quote.
If the forms don’t have exactly what you
want, try submitting a query that is as
close to what you’re looking for as
possible. An insurance consultant will call
you back to discuss your needs and advise
you on what levels of cover to apply for.
Compare umbrella insurance policies
Umbrella insurance cover policies provide
coverage for household items, cars, assets,
etc – all under one insurance policy! The
fact that you own these things will reduce
your risk profile, while the extra cover
costs means that the household insurance
company makes more from your business
than if you were to have opted for a
car insurance
policy only.
Yet conversely, the insurance company will
also be willing to give you the same levels
of insurance cover at a drastically lowered
price! Also be sure to enquire about
potential value-added insurance policy
offerings when enquiring about umbrella
insurance policies.
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